Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Idaho Falls | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $386,781 | $355,887 | $242,182 |
| Price Trend (Annual %) | 21.5% | 14.8% | 8.2% |
| Median Gross Rent | $976 | $1,150 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Idaho Falls is about 9% higher than in Idaho. Rent is about 15% lower than the Idaho average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Idaho Falls, up about 21.5% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Idaho Falls rose about 41.6% between 2015 and 2023, from $689 to $976. Over the same span, rent in Idaho rose about 54.9%.
Affordability
On average, housing unit costs 6.0 yearly household incomes in Idaho Falls.
Buying the median-priced home in Idaho Falls costs roughly 33.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Idaho Falls. The price-to-rent ratio in Idaho is about 25.8.
| Metric | Idaho Falls | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $386,781 | $355,887 | $242,182 |
| Median Household Income | $64,659 | $74,676 | $78,145 |
| Price-to-Income Ratio | 6.0 | 4.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Idaho Falls rose about 255.9%, while median household income rose about 51.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Idaho Falls | Idaho Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.4% | 64.7% | 58.2% |
| Rental Rate | 34.9% | 24.7% | 31.3% |
| Vacancy Rate | 6.7% | 10.7% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Idaho Falls has a homeownership rate of 58.4%, lower than the Idaho average of 64.7%. Its housing vacancy rate is 6.7%, compared with 10.7% in Idaho.
Housing Stock
| Metric | Idaho Falls | Idaho Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.69 people | 2.66 people | 2.54 people |
| Median Structure Built Year | 1972 | 1987 | 1978 |
| Median Number of Rooms | 6.3 | 5.9 | 5.5 |
The typical housing unit in Idaho Falls was built around 1972. On average, 2.7 people live in a home with about 6.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Idaho Falls, Idaho.
What is the median home price in Idaho Falls, Idaho?
The median home price in Idaho Falls, Idaho is $386,781, higher than the Idaho average of $355,887.
What is the average home price in Idaho Falls, Idaho?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Idaho Falls, Idaho?
The median gross rent in Idaho Falls, Idaho is $976 per month, lower than the Idaho average of $1,150.
What was the median gross rent in Idaho Falls in 2020?
In 2020, the median gross rent in Idaho Falls, Idaho was $773 per month.
What is the price-to-rent ratio in Idaho Falls, Idaho?
The price-to-rent ratio in Idaho Falls, Idaho is about 33.0, meaning it would take roughly 33.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Idaho Falls.
Are home prices or rent rising faster in Idaho Falls, Idaho?
Both home prices and rent are rising in Idaho Falls, up about 21.5% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Idaho Falls, Idaho?
58.4% of households in Idaho Falls, Idaho own their home, lower than the Idaho average of 64.7%.
What is the vacancy rate in Idaho Falls, Idaho?
The housing vacancy rate in Idaho Falls, Idaho is 6.7%, lower than the Idaho average of 10.7%.